Ganjapreneur
Virginia lawmakers in the House and Senate passed identical bills on Wednesday seeking to establish a regulated adult-use cannabis market in the state, the Marijuana Moment reports.
Under the legislation, hopeful cannabis entrepreneurs can submit applications for cannabis cultivation, processing, retail, and testing operations starting September 1, with the legal market set to open for business in May 2025. Under the proposal, cannabis products would be taxed up to 11.625%.
Lawmakers had previously considered competing cannabis sales proposals but they compromised and consolidated the proposals, dropping provisions that would have reserved space in the adult-use industry for the state’s existing medical cannabis operators, some hemp companies, and equity-focused microbusinesses.
Del. Paul Krizek (D), co-sponsor of the House version of the bill, said the proposal would establish Virginia’s adult-use cannabis market in a “responsible and thoughtful way,” the Associated Press reported.
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